Reasons To Reduce Carbon Emissions

Climate change is the greatest human issue of our time The global temperature has increased by 1 degree Celsius since the preindustrial era and, under the current climate policies, they are likely to rise by 3.1-3.7C at this century’s end. Why is it necessary to lower carbon emission? Carbon emissions stay on the planet for a period of 100 years, and as much as 80percent of them dissolve to the ocean in a span between 20 and 200 years. The climate crisis affects the environment, but also the economy. Research shows that cutting carbon emissions can boost economies, but can governments take the action required?

What is the reason we need to Cut Carbon Emissions?

Global temperature rise and climate change have created conditions that are inhospitable, and pose more dangers to the health of people. The problems caused by the high carbon emissions into the atmosphere are huge and extensive. From aggravating the effects of outdoor air pollution that according to the World Health Organisation led to around 4.2 millions premature deaths 90% of these are in countries with low or middle incomes to ocean acidification leading to an increase in ocean temperatures while coral bleaching is causing irreparable harm to marine ecosystems food insecurity, when changes in precipitation and temperature impact the yield of crops and alters the zones of agriculture.

How do Greenhouse Gases Impact the economy?

A study from 2017 found there was China, 1.23 million air pollution-related deaths occurred in 2010, which accounted for as high as 13.2 percent of the nation’s GDP. The identical year, pollution was responsible for more than 23 000 deaths across the UK which equates to 7.1 percent of GDP. A different report predicts that annual premature deaths caused by the air pollution from outside will rise by up to 9 million by 2060 from 3 million deaths in 2010. There will also be an increase in global annual hospital admissions, which will reach 11 million patients in 2060, up from 3.6 million in the year 2010. One of the greatest advantages of the reduction of the carbon footprint is it will reduce death rates attributed to air pollution, and also help to reduce the strain on health systems.

To boost the economy and still focus on emission reductions, break between the two needs to be achieved. There are numerous methods to achieve this and one of them is setting up carbon taxes.

Carbon taxation is seen as a means to cut emissions while also making economic efficiency and are viewed as a method to boost the efficiency and efficiency of our economy. reduce dependence on fossil fuels from abroad (for countries that import them) as well as reduce pollution and reduce government expenditure. In the past twenty years Sweden is proving this by imposing a carbon tax. introduced in 1991. The price of carbon has steadily increased increasing from EUR29 and then EUR125 in 2014. In the world, Sweden has the highest tax rate on carbon globally and has managed to decouple. The money generated from this tax is utilized wherever the country requires it.

China is the largest global carbon emitter and has the highest concentrations of pollution to the air. The Low-Carbon Pilot Program (CLCP) was adopted in eight provinces and five cities, aimed at separating the growth of economics from fossil fuel consumption through a shift to an economy that is based on the efficiency of energy use and renewable energy sources. Although the cities that have been piloted have made strides in setting up low-carbon strategies but there are some obstacles, like a lack of an specific definitions for the term ‘low carbon city’, the confusion that results from a variety of parallel programs and insufficient support policies. But the CLCP encourages economic growth in the region and, while it can increase the cost of production, it encourages the expansion of companies production and the gains. In addition, it assists in enhance the internal administration, effectiveness, and creativity, which leads to greater productivity and competitiveness. A study from 2019 has shown that as a result of the CLCP the degree of market competitiveness is increased, which encourages economic growth not just by selling goods at affordable price, but promoting to innovating. This is apparent in the month of July 2021, when China successfully launched an emissions trading system for its national market after a long delay. The market was able to see 4.1 million tons of carbon dioxide emissions quotas valued at USD$32 million being exchanged on the very initial day of its launch which makes it the largest carbon market in the world.

A study from 2017 suggests that the best method to prevent the cost of production rising is to develop innovative technologies that lower carbon dioxide emissions, while also reducing costs. As per the National Statistics in the year 2017, because of not just climate regulation and structural changes in the economy as well as technological advances that occurred in the UK The region was able achieve the decoupling process between 1985 and 2016, in which GDP per person increased by 70.7 percent while emissions decreased by 34 percent. The technological advances involved improvements in the efficiency of cars and the substitution of fossil fuels by renewable energy. In the years 1990 to 2017 the amount of renewable energy increased by 1267 percent while consumption of fossil fuels fell by 22 percent. Denmark’s rapid rise in renewable energy has reduced carbon emissions and encouraged local production.

In contrast, productivity is adversely affected by climate change because of the depletion of infrastructure caused by disasters like floods rising sea levels, and the impact on agriculture.

A study published in the journal Nature The study claims that for every billion tonnes of carbon dioxide, GDP loss could be as high as one-half of a percent. The developed countries like Canada, Germany, New Zealand and the UK will suffer less than 0.1 percent loss in productivity per unit of emission. However, the productivity loss in developing countries such as India, Thailand and Malaysia will be between 3 and 5 percent of GDP for each million tonnes of carbon emissions. Thus the reduction in carbon emissions could result in a reduction on productivity declines (the extent of the reduction will depend on the specific country).

Additionally, if we explore every one of the low-cost climate change reduction opportunities available today The total cost to address the climate crisis will be between 200 and 300 billion euros per year by 2030 . This is lower than 1 percent of projected global GDP by 2030.

It is essential that nations get this decoupling done and reduce carbon emissions, perhaps by imposing a carbon tax in order to create a more economically sustainable and prosperous society. Inaction or act too late, could lead to worse climate degradation, impacting the chance that humanity has of getting a new lease to the earth.